Category Archives: Financial District – Lower Manhattan

What kind of mortgage can Chinese foreign international buyers have to buy NYC condos?

What kind of mortgage can Chinese foreign international buyers have to buy NYC condos?

Many of our buyers are Chinese foreign international buyers from Asia (Hong Kong, Taiwan, Mainland China, Singapore and other countries). Many Chinese buyers decide to buy so they have a place to stay when they come visit New York city, owning a condo is much comfortable instead of staying at different hotels. For many of our Chinese Foreign International buyers, it is a good way for these buyers to diversify their assets and investments by purchasing a Manhattan New York condo. Our Chinese buyers rely on our expertise in finding them the perfect New York city investment.

For Chinese Foreign international buyers  asks us if they are able to obtain a U.S. mortgage, this will really depend on several items. (We are NOT mortgage brokers or mortgage bankers, this is for informational purpose only, it can change anytime per new lending guideline and regulation.)ESB_VIEWHOR

  • Status and/or Visa do they have any work visa or residence status in US? Or if they are true foreigner without any US credit history or records.
  • Down payment amount: there are few bank will have some lending program for foreigners that do not have any United States Credit history, though the bank will likely to require a higher down payment of 40% up to 60% on case by case scenarios.
  • Prior relationship with the bank, many of our Chinese buyers have prior relationship with different banks, if the bank has an office in New York, it may be possible for the buyer to obtain mortgage if there are other investments with this bank.

Please note that we are NOT mortgage professionals, we are experienced Chinese Speaking Real Estate agents that specialized in Chinese and foreign international buyers, we work with a team of mortgage professionals that specialize in foreign international lending.

Majority of our Chinese Foreign International buyers decide to find financing in their home country once they learn about all the lending criteria and requirements set by U.S. banks. The main reason being all the extensive paperwork and documentation required, hefty fees and mortgage closing cost if buyer decides to obtain US financing.  Chinese Foreign International home country lending process may be more streamlined and less costly.

If you are a Chinese and/or foreign international buyer looking to purchase a NYC condo email us (https://chinesespeakingagent.com/contact/). We can discuss in details of your options and best way to find the right investment for you.

幫兒女買紐約曼哈頓公寓Chinese parents buy Manhattan NY condos for son or daughter

Chinese parents buy Manhattan NY condos for son or daughter

中國父母幫兒子或女兒買曼哈頓紐約的公寓

Many of our buyers are Chinese parents from out of town or country to buy a luxury condo for their son or daughter.

Asian parents knows the value of sending son or daughter to go to school in United States or aboard, New York is one of the US city that is on top parents lists.  New York has a very unique and different market than other parts of the world. Buying condo in Manhattan New York can be complicated and stressful if you are not team up with the right agent as this is a very unique market place unlike anywhere else in the country or world. Many parents who are buying for their son/daughter that goes to school (New York University, Parsons school of design, School of Visual Arts, Columbia University, music school, other well known schools) or simple work in Manhattan New York.

Few key steps to prepare and understand before your home search

  • Time frame – is your son or daughter current renting an apartment? This is important to know so you can plan ahead.
  • Location – Location is everything in buying Real Estate. Where is the school son or daughter will be going to? Or where is their office? Would you prefer a neighborhood that is closer to where they will be going to daily? Or any specific preference? Manhattan New York neighborhoods vary, many convenient and central neighborhoods are in very much high demand. The buyers for those particular neighborhood must act quickly if they see a property they like.
  • 45 days to 60 days IF YOU PLAN ON PURCHASE IT ALL CASH, cash means money in your bank account, this does NOT include any offshore financing or creative financing. (this does not include New development or new construction buildings. If new buildings, it can be much longer depending on the building, or it can be quick) Typically, the quickest we can close would be 45 days.
  • 60 days or LONGER if FINANCING: If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Experienced and efficient Bilingual Real Estate Agent: We are the top producing team that is bilingual in Mandarin Chinese and English. We are also the Manhattan New York market experts to educate you the housing market. Working with us will help you find the most ideal condo for your son or daughter and stress free transaction.
To avoid any delay or issues during your home search for your son and daughter, it is advantageous for you to team up with agents who have the experience to ensure a smooth process. You may have purchase homes in your home state or country before, but Manhattan New York is a very unique market, and Real Estate is local so it will benefit you as a buyer to best prepare so you do not waste anytime if you plan to visit NYC and identify a property for your son or daughter, call us today to plan this purchase today.

若您或您有認識的人想在曼哈頓置產,請您來電給我們(646)644-2929。以我們豐富的交易經驗提供您最完美最完善的服務。我們也提供客製化置產投資諮詢,依您的需求為您找到最好的置產投資計畫。

https://chinesespeakingagent.com/contact/

Mandarin Chinese Speaking Real Estate Agent NYC

大家新年好, 我是Eileen Hsu 許雅嵐, 你也可以稱呼 我Eileen. 我是在曼哈頓做地產的經紀人 (Chinese Speaking Real Estate Agent).


今天您如果要在這裡投資, 或著說幫孩子買房子, 請您跟我來電, 我們可以詳細的談, 我的電話是646-644-6929. 也可以麻煩您打個e-mail給我 我會馬上給你們回電好嗎 謝謝!

下面是其他重要的文章中的信息:

曼哈頓交易問與答:怎麼在紐約房地產界出價?

曼哈頓交易問與答:誰能幫我維修公寓?

金融區公寓-80 John Street SOUTH STAR CONDO

80 John Street commonly known as the South Star Condominium is a condominium building located in the Financial District. Located on John Street between Gold and William Street, it is conveniently located in the emerging residential neighborhood that is the Financial District.  80 John Street was originally built 1927 in the art deco architectural style.  It was converted from an office building to a residential rental building in the late 1990’s and then converted from rental to a condominium building in 2007.

This combination of pre-war architecture with today’s high end conversion style has created a very desirable building. The South Star is a full time doorman building, there is a fitness room, live-in super, and garage facilities within the building.  The building has 5 set backs creating a unique exposure and layout characteristic for many of the residences.

The apartments themselves have a lot of unique characteristics including high ceilings, typically ranging in size around 10 feet 6 inches, various layouts that are extremely spacious, along with high end finishes.

The apartments have wide planked Brazilian hardwoods, individual climate controls, large windows, and luxury appointed kitchens and bathrooms.  The kitchens have cherry cabinetry with granite counter tops.  The appliance package includes Sub Zero, Bosch and GE stainless steel appliances. The bathrooms include custom designed vanities, floor to ceiling imported tile, under mounted sinks and interior designs.

The building was converted in 2007 and there are some re-sale units on the market with a combination of different layouts.

Pricing for condominium residences at 80 John Street the South Star:

  • Studio apartments with separate sleeping areas are priced around $625,000
  • One bedroom condos for sale range in price from $695,000-$895,000
  • Two Bedroom condominiums for sale at 80 John Street are in the range of $899,000-$999,000
  • Three Bedroom apartments for sale at the South Star range from $1,350,000 to $1,450,000

We also have other condo available in different buildings in Financial District if you are looking to purchase a home in this neighborhood. Contact us now so we can discuss how you can find the right home for your needs and time frame.

Other helpful and useful blog posts about Manhattan New York Real Estate market:

若您或您有認識的人想在曼哈頓置產,請您來電給我們(646)644-2929。以我們豐富的交易經驗提供您最完美最完善的服務。

Mandarin Chinese Speaking Agent-Eileen Hsu 許小姐

Eileen (許小姐) is Chinese and English speaking Real Estate agent here in Manhattan New York. Eileen is also a Vice President 副總 of prestigious Manhattan Real Estate firm Prudential Douglas Elliman. She is Ranked in the Top 2% of Sales Professionals & Teams in the United States Prudential Real Estate Network. 我能說流利的普通話和英語。(http://www.ChineseSpeakingAgent.com) Eileen has a team that service both sellers and buyers of Manhattan New York market.

Eileen Hsu, Mandarin Chinese Speaking Real Estate agent in Manhattan New York explain the difference between condominium and cooperative housing supply of New York city. Eileen Hsu and her team specialize in assisting many Chinese in US and Oversea in Purchasing Manhattan New York Real Estate properties.

Eileen Hsu, Mandarin Chinese Speaking Real Estate agent in Manhattan New York explain the difference between condominium and cooperative housing supply of New York city. Eileen Hsu and her team specialize in assisting many Chinese in US and Oversea in Purchasing Manhattan New York Real Estate properties.

To Read More Useful Blog Posts:

If you are interested in purchasing, renting, selling or investing in any of the condominium buildings on Riverside Blvd contact us today at (646)644-6929 or Emailhttps://chinesespeakingagent.com/contact/

How to make an offer and buy a Manhattan New York Condo

Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts or purchase agreement when making an offer.

Real Estate professionals DO NOT WRITE the contracts here in Manhattan New York. Title companies DO-NOT schedule the closings here either. Manhattan New York is an Real Estate attorney state, therefore all closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each party. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

To make an offer in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

  • Proof of funds: if it is all cash, a bank or stock statement demonstrate that there is enough cash to make the purchase (ideally a United States bank or stock statement). If it is financing contingent, pre-approval from a United State bank is a must.
  • Any contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) the transaction, and other sale contingency; if there any prior sale need to happen in order to make the new purchase. Manhattan New York Real Estate market usually do not have ‘INSPECTION’ period especially in Manhattan New York market place, most are condominiums or cooperative structure, inspection is often for Townhouses or single houses only, therefore, there is usually NO INSPECTION contingent as other parts of the country. Manhattan New York condominiums are purchased AS IS.
  • Closing date: This will depend on if you are buying a new condo or a resale condo. If it is a new condominium buying from sponsor, and the condo is ready, the closing date can be as soon as one to two weeks. If it is a new condominium and the construction is still on the way, then this time frame varies. If it is a resale condominium, if the owner is ready to move, and the transaction is all cash, then the time frame can be 45 days as soon as condo board approves the condo application. If financing for a resale condo, this time frame can be 60-90 days or more.
  • Personal Financial statement: This is sometimes required depending on the property (or if cooperative) and if there are other multiple bidding scenario. The personal financial statement includes all assets disclosure such as bank statements, 401K, retirement funds, other owned real estate, other mortgage or liabilities and etc. Full disclosure is a must if it is a Manhattan New York cooperative disclosure.

Once the offer is verbally accepted by the owner (seller), then we will have to provide a Real Estate attorney information immediately to start the contract. We work with a team of experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

Manhattan New York condo buyers frequent asked questions:

If you or someone you know would like to buy a condo in Manhattan New York condominiums, please call us directly today at (646)644-6929 or contact us (https://chinesespeakingagent.com/contact/). We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

Foreign Buyer Buy NYC Condos-FAQ

We as Manhattan Real Estate professionals, we work with many international foreigners wanting to invest in Manhattan Real Estate. In addition to educate foreign buyers about the maze of Manhattan Real Estate market, our specialty is facilitate the purchase to ensure the transaction is smooth and successful. Below are some frequent asked questions by our foreign buyers, the answers are formulated by our team of professionals (tax accountants and attorneys who also specialized in foreigners purchase in Manhattan New York.) These answers are general and not case specific.  To best address your specific needs,contact us directly by email or call (646)644-6929.

Can Foreign Nationals buy a NYC condo without having Social Security Number or US residency?
Yes, they can legally, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).THUMBNAIL

Can Foreign Nationals with work visa or student visa buy Manhattan Properties?
Yes, they can legally, but have to meet the condominium/coop board’s requirements for approval.  If they remain non-resident aliens at the time of the sale of the real property, they will be subject to the same taxes at the time of sale, as above.

If not, what kind of documents should a foreign nationals prepare to be able to buy?
In order for a Foreigner to buy NYC condo, they need to have  a valid passport and/or other official photo ID for identification purpose.

What are the Options for Foreign Nationals (non-residents aliens) to hold title for NYC condos: (these answers are information only, we are Real Estate professionals, therefore, before you make a specific decision, we recommend you to discuss with our team of attorneys and tax accountants for your specific case.)

  • Individual: Individual may be exposed to unlimited personal liability, and to estate issues, for instance, inheritance,  will probate and estate administration, when the individual owner dies.
  • LLC: Limited Liability Corporation provides insulation for members from personal liability, but will incur maintenance costs, such as  filing fees for its formation, annual franchise tax  and is subject to higher formation costs (higher than a corporation).
  • Trust: Trust is an unincorporated entity, cannot hold title by itself; title must be reqistered in the  individual trustee’s name.;  the individual trustee may be exposed to unlimited personal liability.
  • S Corporation: S Corporation is a legal entity, insulates shareholders for from personal liability, does not pay income tax itself, the income tax liability is attributed to the shareholders.  It is subject to filing fees for incorporation, annual franchise tax, etc.
  • C Corporation:  C Corporation is a full fledged legal entity.  It provides shareholders insulation from personal liabilities.  It is a taxable entity for corporate income tax.  Any distribution of after tax profit to shareholders in the form of dividends will be subject to income tax for the shareholder.  It incurs maintenance costs, such as filing fees for incorporation, annual franchise tax, etc.  Its filing fees are less than that for the LLC.
  • Limited Partnership: the limited partner’s liability is limited to his/her capital interest in the limited partnership, whereas the general partner will be subject to unlimited personal liability.  Limited partnership, like general partnership does not pay income tax.  The income tax liabilities are attributed to the individual partners. A limited partnership need to file the partnership agreement with the government.

*These answers are general and not case specific. To best address to your specific case, contact us directly at (CONTACT US) and we can set up a confidential consultation.

If both husband and wife have green cards, will they pay tax similarly as above options?
Resident individuals owning real property pay the same taxes, but not subject to the gross 10% federal withholding tax and the 8.97% New York State estimate income tax on the gains at the sale of the real property.

Can the Foreigners avoid United States taxes?
The taxes cannot be avoided.  The non-resident investor must pay the above taxes at the time of closing of the sale, without the tax payments, the deed will not be accepted for recording.  After having paid the taxes, the non-resident investor may, but need not, keep the proceeds in the U.S. without additional tax (except income tax on the interest payment on such proceeds).

We are Chinese speaking Real Estate Agents in NYC hosting Manhattan Condo Tours

We are Chinese Speaking Real Estate agents here in New York city (Manhattan New York). We often host Manhattan Condo tours that cater our buyers from overseas as well as local Chinese buyers since we are bilingual and understand the culture difference. We receive many television and film requests to come on the tour with us because of our experiences in hosting these successful condo tours and many people find this way of touring for properties fascinating and innovative.

So when IDTV Film wanted to film the story of how Dutch culture is similar to Chinese culture at certain aspects, they wanted to work and film our Manhattan Condo tour with the Chinese buyers. We were delighted to work with IDTV Film crew and we spoke to the producers and arranged them to come on one of our tours.

As Chinese Speaking Real Estate here in New York city, we will continue to have the tour in different  price ranges and Manhattan neighborhoods. It will all be condominiums that are friendly for foreign buyers as second home, investment, pied-a-terred. So they too can have their very own piece of Manhattan. Please visit our website to register or to find out more information please visit: http://www.ChineseBuyNYC.com

*BUYERS AND INVESTORS, we also cater property tours for other language speaking foreign nationals or private one-on-one consultation and tour. For a tour that is specific to your needs, please contact us EileenHsuNYC(@)gmail.com for specific details)*

*SELLERS AND DEVELOPERS, WE SPECIALIZE IN FOREIGN NATIONALS PURCHASING MANHATTAN CONDOMINIUMS/REAL ESTATE INVESTMENTS. CONTACT US TODAY TO DISCUSS HOW YOU CAN BENEFIT FROM WORKING WITH OUR TEAM TO MAXIMIZE YOUR MARKETING EXPOSURE TO OVERSEA MARKET. (we work with highly financial qualified buyers that are seeking to purchase multiple investment condominium units*

88 Greenwich Street – Financial District New Development

As Manhattan Condominium Market is seeing some slowdowns in Sales, the new developments sales are also slowing down compare to 6 months ago.  Sellers and Seller agents are working hard to come with creative marketing to help sell more condominiums, developers are no different.

88 Greenwich Street located in the Financial District of Manhattan is one of my personal favorite New Development around. Unlike any other New Development in Financial District, this project has sold out over 90% and the last few units left are up for negotiation if the buyer has the right buyer’s representation.

88 Greenwich Street is 37-story, Art-Deco story skyscraper also known as the Greenwich Club, has been converted from a rental to a condominium apartment.

Habour Room

Library on the main level of the building with Piano bar

Sky Deck on top of the building with River views

Overall, 88 Greenwich is a fantastic project. I love the location, with three subway lines within three blocks, and the Downtown area is growing rapidly. I am told by all of my past clients who bought in the building, they told me the management and maintenance to be great, and the super was very helpful as well.

Contact us today at (646)644-6929 to find the suitable Financial District condos.